One who contracts to deliver a certain quantity of
sum of stock in the public funds, on a future day, and at
stated price; or, in other words, sells what he has not got,
like the huntsman in the fable, who sold the bear's skin
before the bear was killed. As the bear sells the stock he
is not possessed of, so the bull purchases what he has not
money to pay for; but in case of any alteration in the price
agreed on, either party pays or receives the difference.
Exchange Alley.